Construction - Real Estate · Founded 1939 · www.texinfra.in · BSE 505400 · NSE TEXINFRA · ISIN INE435C01024
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Business
Texmaco Infrastructure & Holdings Ltd. (TEXINFRA) is an Indian company primarily engaged in infrastructure development and real estate activities. As part of the larger Adventz Group, its core business model revolves around developing, constructing, and managing various infrastructure projects and real estate ventures. This could include residential, commercial, industrial, or mixed-use developments, as well as infrastructure projects like roads, bridges, or other public utilities. The company generates revenue through the sale of developed properties, construction contracts, and potentially lease income from assets it holds.
Revenue Mix
Given its name and sector, the primary segments likely include:
Real Estate Development: Residential, commercial, and industrial property development and sales.
Infrastructure Projects: Undertaking construction and development of various public and private infrastructure assets.
Holdings/Investments: Potentially holding investments in other entities or assets related to its core business.
Specific percentages for revenue contribution from each segment are not readily available without detailed financial statements.
Industry
The Indian construction and real estate industry is large, highly fragmented, and cyclical, with numerous regional and national players. It is also capital-intensive and heavily influenced by economic cycles, government policies, and interest rates. Texmaco Infrastructure & Holdings, being part of the diversified Adventz Group, benefits from group synergies and financial backing. However, it operates in a competitive landscape against established national developers and numerous regional players. Its positioning would likely be as a mid-tier player, leveraging its group's reputation and financial strength for project execution, rather than a dominant market leader.
MOAT
Texmaco Infrastructure & Holdings Ltd. likely possesses some advantages, but a strong, durable competitive moat is less apparent in the highly competitive and capital-intensive real estate and infrastructure sector. Potential advantages include:
Group Backing: Being part of the Adventz Group provides financial stability, access to capital, and potentially advantageous business relationships.
Land Banks: Strategic acquisition of prime land parcels at favorable costs could provide a temporary advantage.
Execution Capabilities: A track record of successful project completion could attract new business.
However, these are often replicable or project-specific and do not typically constitute a wide, enduring moat like strong brand loyalty, proprietary technology, or significant network effects.
Growth Drivers
Urbanization and Population Growth: Continued migration to urban centers drives demand for housing, commercial spaces, and supporting infrastructure.
Government Infrastructure Push: Initiatives like the National Infrastructure Pipeline and increased government spending on infrastructure provide significant opportunities for construction companies.
Economic Growth: A growing Indian economy typically translates to higher disposable incomes, leading to increased real estate demand and greater capacity for private sector investments in infrastructure.
Rising Income Levels: Improved affordability drives demand for both residential and commercial properties.
Risks
Cyclicality of Real Estate: The sector is highly sensitive to economic downturns, interest rate fluctuations, and market sentiment, leading to volatile demand and pricing.
High Capital Intensity & Funding Risk: Development projects require significant upfront capital, making the company susceptible to financing costs, liquidity constraints, and access to affordable credit.
Regulatory & Environmental Clearances: Delays in obtaining approvals, changes in regulations (e.g., RERA), and environmental concerns can lead to project cost overruns and delays.
Land Acquisition Challenges: Difficulty and disputes in acquiring land can significantly impede project timelines and viability.
Intense Competition: The fragmented nature of the industry can lead to pricing pressure and margin erosion.
Raw Material Price Volatility: Fluctuations in prices of steel, cement, and other construction materials can impact project costs and profitability.
Management & Ownership
Texmaco Infrastructure & Holdings Ltd. is part of the Adventz Group, a diversified Indian conglomerate with interests across agriculture, engineering, chemicals, and infrastructure. The group is promoted and led by Mr. Saroj Kumar Poddar. As a promoter-led company, key strategic decisions and oversight are typically exercised by the founding family or their appointed executives. This structure implies a concentrated ownership, with the promoter group holding a significant stake.
Outlook
Texmaco Infrastructure & Holdings operates in a sector poised for long-term growth driven by India's urbanization, economic expansion, and significant government focus on infrastructure development. Being part of the Adventz Group provides financial and operational leverage. However, the company faces inherent challenges including the cyclical nature of real estate, intense competition, high capital requirements, and regulatory complexities. Its performance will largely depend on its ability to judiciously acquire land, execute projects efficiently within budget and timelines, manage debt effectively, and navigate the dynamic policy landscape. While the macro environment offers tailwinds, the inherent risks of the sector necessitate careful execution and financial management to ensure sustainable growth.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3 | 4 | 5 | 4 | 3 | 4 | 5 | 4 | 4 | 4 |
| Other Income | 2 | 2 | 7 | 2 | 6 | 6 | 9 | 4 | 4 | 5 |
| Total Income | 5 | 6 | 12 | 6 | 10 | 10 | 15 | 8 | 8 | 8 |
| Total Expenditure | 5 | 4 | 7 | 4 | 7 | 4 | 6 | 6 | 6 | 5 |
| Operating Profit | 1 | 1 | 4 | 2 | 2 | 6 | 9 | 2 | 2 | 3 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -1 | 0 | 3 | 1 | 1 | 4 | 8 | 1 | 1 | 2 |
| Provision for Tax | -2 | -0 | 1 | 13 | 0 | 1 | 2 | 0 | 0 | 1 |
| Profit After Tax | 1 | 0 | 2 | -12 | 1 | 3 | 6 | 1 | 0 | 1 |
| Adjustments | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 3 | 0 | 3 | -11 | 1 | 3 | 6 | 1 | 1 | 2 |
| Adjusted Earnings Per Share | 0.2 | 0 | 0.2 | -0.9 | 0.1 | 0.3 | 0.5 | 0.1 | 0 | 0.1 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 20 | 24 | 18 | 19 | 19 | 15 | 19 | 17 | 16 | 16 | 17 | 17 |
| Other Income | 12 | 11 | 10 | 11 | 11 | 17 | 11 | 9 | 10 | 17 | 24 | 22 |
| Total Income | 32 | 35 | 28 | 30 | 30 | 31 | 31 | 25 | 26 | 33 | 41 | 39 |
| Total Expenditure | 12 | 17 | 14 | 17 | 17 | 15 | 26 | 18 | 18 | 23 | 22 | 23 |
| Operating Profit | 20 | 18 | 14 | 13 | 13 | 16 | 4 | 7 | 8 | 10 | 19 | 16 |
| Interest | 1 | 1 | 2 | 2 | 3 | 3 | 2 | 2 | 2 | 3 | 2 | 3 |
| Depreciation | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -90 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 17 | 14 | 10 | 8 | 8 | 10 | -91 | 3 | 3 | 6 | 15 | 12 |
| Provision for Tax | 0 | 2 | 2 | 3 | 3 | 2 | 0 | -0 | -1 | 13 | 4 | 3 |
| Profit After Tax | 16 | 13 | 7 | 5 | 5 | 8 | -91 | 3 | 4 | -7 | 11 | 8 |
| Adjustments | 7 | 8 | 2 | 22 | -16 | 4 | 5 | 0 | 1 | -0 | -0 | 0 |
| Profit After Adjustments | 23 | 21 | 10 | 27 | -11 | 11 | -86 | 3 | 5 | -7 | 11 | 10 |
| Adjusted Earnings Per Share | 1.8 | 1.6 | 0.8 | 2.1 | -0.9 | 0.9 | -6.8 | 0.2 | 0.4 | -0.6 | 0.9 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 6% | 0% | 3% | -2% |
| Operating Profit CAGR | 90% | 39% | 3% | -1% |
| PAT CAGR | 0% | 54% | 7% | -4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 41% | 17% | 17% | 11% |
| ROE Average | 1% | 0% | -3% | -0% |
| ROCE Average | 1% | 1% | -2% | 0% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 566 | 664 | 720 | 643 | 560 | 627 | 667 | 636 | 1483 | 1325 | 1067 |
| Minority's Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Borrowings | 0 | 1 | 26 | 23 | 20 | 19 | 22 | 21 | 23 | 21 | 19 |
| Other Non-Current Liabilities | 2 | -6 | -5 | -1 | -2 | -1 | 6 | 4 | 68 | 58 | 54 |
| Total Current Liabilities | 3 | 5 | 7 | 8 | 16 | 12 | 7 | 6 | 6 | 187 | 187 |
| Total Liabilities | 572 | 664 | 749 | 674 | 595 | 657 | 703 | 667 | 1580 | 1592 | 1328 |
| Fixed Assets | 68 | 69 | 69 | 68 | 72 | 72 | 73 | 74 | 76 | 55 | 60 |
| Other Non-Current Assets | 398 | 486 | 573 | 505 | 428 | 501 | 552 | 515 | 1416 | 1242 | 939 |
| Total Current Assets | 106 | 109 | 107 | 101 | 95 | 84 | 79 | 78 | 88 | 295 | 329 |
| Total Assets | 572 | 664 | 749 | 674 | 595 | 657 | 703 | 667 | 1580 | 1592 | 1328 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 3 | 4 | 2 | 4 | 1 | 1 | 2 | 2 | 2 | 3 |
| Cash Flow from Operating Activities | 5 | -1 | 2 | 7 | -1 | -8 | -3 | -2 | 3 | 184 | 16 |
| Cash Flow from Investing Activities | -3 | 5 | -26 | 4 | 5 | 14 | 10 | 6 | -1 | -177 | -10 |
| Cash Flow from Financing Activities | -1 | -3 | 22 | -9 | -7 | -6 | -6 | -4 | -2 | -6 | -6 |
| Net Cash Inflow / Outflow | 1 | 1 | -2 | 2 | -2 | -0 | 1 | -0 | 0 | 2 | -0 |
| Closing Cash & Cash Equivalent | 3 | 4 | 2 | 4 | 1 | 1 | 2 | 2 | 2 | 3 | 3 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.8 | 1.65 | 0.78 | 2.1 | -0.86 | 0.87 | -6.77 | 0.24 | 0.42 | -0.57 | 0.86 |
| CEPS(Rs) | 1.47 | 1.19 | 0.79 | 0.61 | 0.59 | 0.81 | -6.92 | 0.45 | 0.51 | -0.36 | 1.08 |
| DPS(Rs) | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.08 | 0.15 | 0.15 | 0.15 | 0.15 |
| Book NAV/Share(Rs) | 44.4 | 52.14 | 56.51 | 50.42 | 43.98 | 49.23 | 52.31 | 49.92 | 116.38 | 104.01 | 83.71 |
| Core EBITDA Margin(%) | 40.08 | 27 | 25.55 | 12.77 | 10.41 | -4.9 | -38.29 | -8.44 | -13.64 | -44.88 | -25.74 |
| EBIT Margin(%) | 84.95 | 63.53 | 64.94 | 55.22 | 54.65 | 87.85 | -463.29 | 29.27 | 31.51 | 55.89 | 101.78 |
| Pre Tax Margin(%) | 81.89 | 59.31 | 52.3 | 42.07 | 40.16 | 67.01 | -475.51 | 16.87 | 16.34 | 39.82 | 88.28 |
| PAT Margin (%) | 79.98 | 53.03 | 40.92 | 26.37 | 25.3 | 50.99 | -476.61 | 18.66 | 24.63 | -43.81 | 63.94 |
| Cash Profit Margin (%) | 92.3 | 63.64 | 54.91 | 40.6 | 39.88 | 70.19 | -461.2 | 34.37 | 40.32 | -28.51 | 79.06 |
| ROA(%) | 2.95 | 2.05 | 1.06 | 0.7 | 0.75 | 1.2 | -13.39 | 0.45 | 0.35 | -0.44 | 0.76 |
| ROE(%) | 3.04 | 2.06 | 1.08 | 0.74 | 0.79 | 1.27 | -14.08 | 0.47 | 0.37 | -0.5 | 0.93 |
| ROCE(%) | 3.22 | 2.47 | 1.68 | 1.48 | 1.64 | 2.09 | -13.19 | 0.72 | 0.47 | 0.62 | 1.46 |
| Receivable days | 50.48 | 35.4 | 45.78 | 43.71 | 53.45 | 86.74 | 50.34 | 30.17 | 12.82 | 1.51 | 4.82 |
| Inventory Days | 0 | 1.54 | 2.17 | 2.72 | 2.91 | 2.47 | 1.28 | 1.47 | 2.4 | 293.55 | 900.96 |
| Payable days | 257.05 | 0 | 0 | 0 | 0 | 0 | 139.49 | 746.19 | 0 | 0 | 580.33 |
| PER(x) | 17.08 | 24.06 | 78.88 | 26.87 | 0 | 81.12 | 0 | 204.6 | 226.32 | 0 | 112.82 |
| Price/Book(x) | 0.69 | 0.76 | 1.09 | 1.12 | 0.7 | 1.43 | 1.09 | 1 | 0.82 | 0.98 | 1.16 |
| Dividend Yield(%) | 0.65 | 0.51 | 0.33 | 0.35 | 0.65 | 0.28 | 0.13 | 0.3 | 0.16 | 0.15 | 0.16 |
| EV/Net Sales(x) | 19.14 | 20.99 | 44.31 | 39.05 | 22.23 | 62.53 | 39.27 | 39.64 | 76.96 | 83.34 | 71.65 |
| EV/Core EBITDA(x) | 19.68 | 28.31 | 56.13 | 56.22 | 32.11 | 58.41 | 179.99 | 88.11 | 163.05 | 131.92 | 65.32 |
| Net Sales Growth(%) | 19.77 | 17.61 | -23.57 | 4.06 | -1.21 | -21.48 | 29.6 | -13.53 | -2.69 | -1.3 | 9.99 |
| EBIT Growth(%) | 97.77 | -12.05 | -21.86 | -11.52 | -2.22 | 26.22 | -783.42 | 105.46 | 4.74 | 75.1 | 100.3 |
| PAT Growth(%) | 153.41 | -22.02 | -41.02 | -32.95 | -5.22 | 58.24 | -1311.47 | 103.38 | 28.47 | -275.56 | 260.55 |
| EPS Growth(%) | 136.49 | -8.55 | -52.71 | 170.13 | -140.95 | 200.93 | -878.78 | 103.6 | 73.09 | -234.32 | 251.58 |
| Debt/Equity(x) | 0 | 0 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.02 | 0.02 | 0.02 |
| Current Ratio(x) | 34.57 | 23.36 | 14.58 | 12.9 | 6.09 | 7.31 | 10.91 | 13.75 | 14.01 | 1.58 | 1.76 |
| Quick Ratio(x) | 34.57 | 23.34 | 14.56 | 12.88 | 6.08 | 7.3 | 10.9 | 13.74 | 13.99 | 1.44 | 1.44 |
| Interest Cover(x) | 27.79 | 15.08 | 5.14 | 4.2 | 3.77 | 4.22 | -37.9 | 2.36 | 2.08 | 3.48 | 7.54 |
| Total Debt/Mcap(x) | 0 | 0 | 0.04 | 0.04 | 0.06 | 0.03 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.17 | 65.17 | 65.17 | 65.8 | 65.8 | 65.8 | 65.8 | 66.4 | 66.55 | 66.55 |
| FII | 0.42 | 0.2 | 0.75 | 0.07 | 0.33 | 0.5 | 1.5 | 1.51 | 1.71 | 1.69 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 34.4 | 34.62 | 34.07 | 34.12 | 33.86 | 33.69 | 32.7 | 32.08 | 31.73 | 31.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.3 | 8.3 | 8.3 | 8.38 | 8.38 | 8.38 | 8.38 | 8.46 | 8.48 | 8.48 |
| FII | 0.05 | 0.03 | 0.1 | 0.01 | 0.04 | 0.06 | 0.19 | 0.19 | 0.22 | 0.22 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.38 | 4.41 | 4.34 | 4.35 | 4.31 | 4.29 | 4.17 | 4.09 | 4.04 | 4.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +6% | 0% | +3% | -2% |
| Operating Profit CAGR | +90% | +39% | +3% | -1% |
| PAT CAGR | — | +54% | +7% | -4% |
| Share Price CAGR | +41% | +17% | +17% | +11% |
| ROE Average | +1% | 0% | -3% | 0% |
| ROCE Average | +1% | +1% | -2% | 0% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 65.17 | 65.17 | 65.17 | 65.8 | 65.8 | 65.8 | 65.8 | 66.4 | 66.55 | 66.55 |
| FII | 0.42 | 0.2 | 0.75 | 0.07 | 0.33 | 0.5 | 1.5 | 1.51 | 1.71 | 1.69 |
| DII | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Public | 34.4 | 34.62 | 34.07 | 34.12 | 33.86 | 33.69 | 32.7 | 32.08 | 31.73 | 31.75 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 8.3 | 8.3 | 8.3 | 8.38 | 8.38 | 8.38 | 8.38 | 8.46 | 8.48 | 8.48 |
| FII | 0.05 | 0.03 | 0.1 | 0.01 | 0.04 | 0.06 | 0.19 | 0.19 | 0.22 | 0.22 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.38 | 4.41 | 4.34 | 4.35 | 4.31 | 4.29 | 4.17 | 4.09 | 4.04 | 4.05 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 | 12.74 |
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